8月6日，国内领先的科技出行平台曹操出行(02643)与香港持牌金融机构胜利证券(08540)正式签署虚拟资产战略合作备忘录。双方将围绕现实世界资产 (RWA)代币化、稳定币支付应用及合规数字货币发行三大方向展开深度合作。此次合作不仅是国内出行行业首次系统性探索RWA与稳定币等前沿数字金融工 具的融合，更是曹操出行以金融科技创新盘活核心资产、加速Robotaxi(自动驾驶出租车)战略布局及释放绿色出行资产价值的关键一步。 曹操出行执行董事兼CEO龚昕在签约仪式上表示："科技创新始终是驱动曹操出行发展的核心引擎。此次与胜利证券的战略合作，是我们拥抱数字经济、为 未来Robotaxi规模化运营筑基、并释放绿色出行资产价值的重要举措。通过RWA将实体资产连接数字金融，我们不仅能优化资本效率、提升流动性，更能为 未来高度自动化、智能化的出行服务网络构建创新的支付和价值流通基础设施，创造多维价值。" 目前曹操出行正稳步扩大Robotaxi车队规模，已于今年2月在苏州、杭州两地试点开启Robotaxi服务，并计划推出专为自动驾驶设计的L4级Robotaxi定制车 型，同时构建覆盖车辆维保、能源补给等全场景的自动化运营系统 ...

Core Viewpoint - The strategic partnership between Cao Cao Mobility and Victory Securities marks a significant step in integrating real-world asset tokenization and stablecoin applications within the transportation sector, aiming to enhance financial technology innovation and accelerate the deployment of Robotaxi services [1][4]. Group 1: Strategic Partnership - Cao Cao Mobility has signed a memorandum of understanding with Victory Securities to explore three main areas: real-world asset (RWA) tokenization, stablecoin payment applications, and compliant digital currency issuance [1]. - This collaboration represents the first systematic exploration of RWA and stablecoin integration in China's transportation industry [1]. Group 2: Robotaxi Development - Cao Cao Mobility is expanding its Robotaxi fleet, having launched pilot services in Suzhou and Hangzhou, with plans to introduce L4-level custom Robotaxi vehicles [4]. - The Robotaxi business is characterized by stable, long-term, and predictable operations, making it a promising candidate for RWA tokenization [4]. Group 3: Environmental Impact and Financial Innovation - All custom vehicles operated by Cao Cao Mobility are electric, contributing to a reduction of over 3.1 million tons of carbon emissions, aligning with global green finance trends [5]. - The partnership with Victory Securities is expected to facilitate the compliant issuance of RWA funds or asset-backed tokens based on Cao Cao Mobility's high-quality transportation assets, providing innovative financing pathways [5].

Summary of Key Points from the Conference Call Company Overview - The company discussed is **Kying Network**, which operates in the gaming industry and is actively expanding into AI technology and related sectors [2][3][4]. Core Business and Growth Drivers - Kying Network is leveraging major IP adaptations such as **"Douluo Dalu"** and **"Zhu Xian Chuan Shuo"** to enter a new product cycle, which is expected to drive revenue growth [2][3]. - The newly launched game **"Dragon Ball World"** achieved a revenue of **200 million** in its first month, with projections of around **80 million** monthly revenue in June and July, indicating strong performance [2][3]. - The company is addressing copyright issues and expanding its small program games to solidify its base in the **legendary game segment**, with the **"Legend Box"** community platform contributing to incremental revenue [2][3]. AI and Technological Innovations - Kying Network has partnered with **Bigao Group** to establish **Jiyi Company**, focusing on independent operations of AI models and engines, enhancing game development efficiency [2][5]. - The company is developing **Eve AI**, an intelligent scheduling application expected to launch in Q4 2025, characterized by high emotional intelligence and user interaction capabilities [2][5][6]. - The **Eve AI** virtual companion product is anticipated to become a representative product in the industry, showcasing the company's capabilities in AI and its synergy with gaming [7]. Diversification and New Product Launches - Kying Network is venturing into the **trendy toy market** with the introduction of **AI toys** like **"Goodnight Sheep"** and **"Bubird"**, aiming to enhance user engagement and repurchase rates through an integrated online and offline community [2][7]. - The company is set to launch a series of new products from late 2025 to early 2026, including major IP adaptations, which are expected to significantly contribute to revenue [3][9]. Regulatory and Market Positioning - Kying Network has obtained licenses from the **Hong Kong Securities and Futures Commission** for virtual asset and token business, laying the groundwork for future overseas business expansion [4][8]. - The company’s diverse business layout in AI, trendy toys, and virtual assets is expected to drive revenue growth and enhance valuation, particularly as it aligns with traditional gaming operations [4][9]. Future Outlook - The strategic positioning in AI, trendy toys, and virtual assets is anticipated to provide long-term growth potential, with a significant product cycle expected to commence in late 2025 [9].

Group 1 - The company, Dongxin Peace, is engaged in multiple concepts including stablecoins, blockchain, and smart cards, and has signed a strategic cooperation agreement with Shanghai Shutu Blockchain Research Institute to promote Web3.0-based stablecoin cross-border payment cooperation and offshore RMB issuance applications in countries participating in the Belt and Road Initiative [2] - The company's main business focuses on smart cards and digital identity security, and it is a state-owned enterprise ultimately controlled by China Electronics Technology Group Corporation [2] - The Hong Kong Stablecoin Regulation came into effect in August, with the Monetary Authority opening up license applications, and banks like Bank of China Hong Kong and Standard Chartered expected to be among the first to receive licenses [2] Group 2 - A total of 44 securities firms have upgraded their virtual asset trading licenses to engage in stablecoin trading and asset tokenization, with the first batch of licenses expected to be limited to 2-3, and the application window closing on September 30 [2] - It is noted that the upcoming Apple iPhone 17 series will fully transition to eSIM technology, eliminating the physical SIM card slot, which is expected to benefit companies such as Dongxin Peace, Cheng Tian Wei Ye, Heng Bao Shares, and Xin Heng Hui [2]

Core Insights - Hong Kong's Monetary Authority (HKMA) has announced a timeline for the issuance of the first stablecoin licenses, expected to be granted in early 2026, indicating a strategic approach to global stablecoin governance [1][2] - The HKMA's regulatory framework for stablecoins is set to take effect on August 1, 2023, with a clear application process for interested institutions [1][2] - The introduction of the USDV stablecoin, initiated by the Vanuatu Ministry of Finance, marks a significant step in Hong Kong's dual-track regulatory strategy [3][4] Regulatory Framework - The HKMA's stablecoin regulations will require existing institutions to submit license applications by October 31, 2025, with those not approved facing exclusion from the Hong Kong market [2] - The licensing process includes high compliance standards focusing on asset custody, redemption mechanisms, and anti-money laundering measures [2][6] - The dual-track approach combines local licensing with international recognition, allowing for the entry of compliant stablecoins from sovereign nations [2][4] International Recognition - The USDV project serves as a benchmark for Hong Kong's international recognition mechanism, addressing the challenges faced by small nations in the global financial system [4][5] - The compatibility of Vanuatu's legal framework with Hong Kong's regulatory environment facilitates the issuance of USDV, which avoids compliance issues faced by private stablecoins [4][6] Regional Network and Strategic Goals - USDV aims to cover 12 Asia-Pacific economies, focusing on sectors like fisheries and tourism, aligning with HKMA's goal to enhance offshore RMB liquidity [5][6] - The ChainStream platform, developed by a Hong Kong company, will provide real-time insights into cross-border payment data, enhancing regulatory oversight [5][6] Technological Standards and Compliance - The ChainStream platform encodes HKMA's compliance requirements into blockchain rules, promoting the global adoption of Hong Kong's regulatory standards [6][7] - This model allows for diversified investment in low-risk assets, enhancing Hong Kong's position as a financial hub while ensuring risk control [6][7] Future Outlook - The HKMA's delay in issuing licenses until 2026 is aimed at building a robust regulatory and technological infrastructure [7][8] - The successful implementation of the dual-track system may lead to a significant influx of stablecoins into Hong Kong, potentially reaching a scale of billions of dollars [8]

Core Insights - FTFT has officially established a "Real World Asset Tokenization Division" (RWA Division) to explore the technical pathways and compliance feasibility for issuing stablecoins and tokenizing core assets under its umbrella [1] - The company aims to apply for regulatory licenses related to the issuance and circulation of stablecoins, marking a new phase in the integration of RWA and stablecoin business under the Web 3.0 framework [1] Group 1 - The RWA Division will be led by former Blockchain Division President Xu Kai, who will oversee strategic planning and daily management [1] - The primary focus of the division includes communication with U.S. regulatory bodies to apply for relevant licenses for RWA and stablecoins, as well as exploring the feasibility of tokenizing core or potential acquisition assets [1][2] - Former Vice President of FTFT Securities, Chen Jia, has been appointed as Vice President of the RWA Division, responsible for communication with Hong Kong regulatory bodies and lawyers, and applying for additional virtual asset-related licenses [1] Group 2 - FTFT CEO Li Hu stated that the next major task is to build a technical framework for stablecoin issuance and management, evaluating underlying assets such as gold and Bitcoin to be linked with U.S. Treasury bonds [2] - The RWA Division will lead the design and implementation of the on-chain process for real-world assets, establishing a comprehensive asset valuation, risk management, and trading mechanism [2] - The company's blockchain chief advisor, Professor Xiong Yu, will assist in communication and collaboration with regulatory agencies and partners to ensure the healthy development of stablecoin and RWA business in compliance [2]

Core Insights - Future FinTech Group Inc. has established a Real-World Asset Tokenization Division to explore stablecoin issuance and asset tokenization under Web3.0 architecture [1] - The division aims to obtain regulatory licenses for stablecoins and tokenized assets while ensuring compliance with relevant authorities [2][3] - The company plans to evaluate potential underlying assets such as gold, Bitcoin, and U.S. Treasury bonds to back its stablecoin and RWA issuance [4] Company Structure and Leadership - Mr. Kai Xu has been appointed as President of the RWA Division, overseeing strategic planning and daily management [2] - Ms. Jia Chen has been appointed Vice President of the RWA Division, focusing on compliance and regulatory communication with Hong Kong authorities [3] - CEO Hu Li emphasized the importance of building a robust technical architecture for stablecoin management and asset valuation [4] Strategic Goals - The RWA Division will lead the design and implementation of on-chain processes for real-world assets, including risk management and trading mechanisms [4] - The company aims to coordinate its reserve crypto assets and digital asset trading business as part of its integrated development strategy [2][4] - Professor Yu Xiong will assist in engaging with regulatory agencies and strategic partners to support the sustainable growth of the stablecoin and RWA businesses [4]

Core Viewpoint - The payment industry is undergoing significant transformation, leading to increased operational challenges for institutions and a more active market for buying and selling [1] Company Summary - China Ruyi (0136.HK) announced the acquisition of a 30% stake in Kuaiqian Financial from Shanghai Wanda Network Financial Services for 240 million yuan, making China Ruyi the largest single shareholder of Kuaiqian Financial [3][6] - The acquisition is expected to create synergies with China Ruyi's existing businesses, including online streaming and gaming services [3] - Kuaiqian Financial's most important asset is Kuaiqian Payment, which was once a leading player in the third-party payment sector but has seen a decline in transaction volume, dropping out of the top twenty in the industry [4][5] - The total valuation of Kuaiqian Payment is estimated at around 800 million yuan, a decrease of approximately 60% from its valuation during Wanda's acquisition in 2014 [6] Industry Summary - The payment industry is facing stricter regulations, making it more challenging for companies to obtain licenses and operate [7] - The core value of Kuaiqian Payment lies in its full payment license and its established merchant resources in key industries such as insurance, aviation, and retail [7] - China Ruyi's revenue for 2024 is reported at 3.671 billion yuan, with a net loss of 207 million yuan, although adjusted net profit increased by 120% year-on-year [8] - Kuaiqian Payment is actively expanding into overseas markets and developing digital RMB services, which may present new opportunities [9]

Group 1 - The core point of the article is that the payment industry in China is undergoing significant transformation, with increased challenges for institutions and a necessity for more active market transactions. China Ruyi's acquisition of a 30% stake in Kuaiqian Financial is a strategic move to enhance its business synergy with existing operations [2][3] - China Ruyi announced the acquisition of Kuaiqian Financial for 240 million yuan, making it the largest single shareholder post-transaction. The deal will be completed in three phases and is expected to create synergies with Ruyi's existing businesses, including online streaming and gaming services [2][3] - Kuaiqian Payment, a key asset of Kuaiqian Financial, was once a leading player in the third-party payment sector but has seen a decline in transaction volume, dropping out of the top twenty in the industry as of 2024 [3][4] Group 2 - Kuaiqian Payment has faced compliance issues, including significant fines for various violations, which have raised concerns about its operational integrity. The company has been penalized multiple times in recent years, indicating ongoing regulatory scrutiny [4][5] - Following the acquisition, Kuaiqian Financial will not be consolidated into China Ruyi's financial statements, despite Ruyi becoming its largest shareholder. The ownership structure of Kuaiqian Financial is fragmented, with multiple shareholders involved [4][5] - The valuation of Kuaiqian Payment has significantly decreased, with the current total valuation estimated at around 800 million yuan, a 60% drop from its valuation at the time of the 2014 acquisition by Wanda Group [5][6] Group 3 - The payment industry is experiencing a contraction in cash-out businesses, and the future profitability of Kuaiqian Payment will depend on its ability to leverage synergies with new shareholders and its existing merchant resources in key sectors [6][7] - China Ruyi's core business includes content production, online streaming, and gaming services, with recent financial results showing a revenue of 3.671 billion yuan in 2024, a 1.2% increase year-on-year, despite a net loss of 207 million yuan [7][8] - The acquisition of Kuaiqian Financial is not the first for China Ruyi, which has previously acquired stakes in Wanda Group's assets, indicating a strategic focus on integrating payment services with its entertainment and gaming operations [7][8]

Group 1 - The world's first RWA registration platform will launch on August 7 [1] - The platform is initiated by the Hong Kong Web 3.0 Standardization Association [1] - It aims to provide a comprehensive service system for the entire process of dataization, assetization, and financialization of RWA assets [1]